Are the rich overtaxed, undertaxed, or taxed about right?

[Lone_Wolf_Moderate]

[medeak]

1. what do you mean by "rich"?

$100,000 plus change to be taxed at 39.6% isn't that "rich".

If you're talking about millions per year income...that's different.

[elsiesummers]

16. Democratic Politicians usually define rich as $200K a year = top 1% r

and I like this definition.

I do think there are rare exceptions even to the 200K plus crowd. There are some in this group who are not rich, especially the overeducated, those with over 100K in outstanding student loans.

[unpossibles]

2. I know on paper they have to pay a larger percentage, BUT

in reality, they can also afford the best accountants and lawyers to check every possible loop-hole.

Also, while I commend the ability to work hard and make something of yourself, no one exists in a vacuum, nor do they make their millions with their own sweat.

[medeak]

3. accountants and lawyers aren't cheap

if you're in the $100,000 bracket.

[unpossibles]

4. of course they are not

because they do their jobs and can charge top dollar.

this reminds me of someone I know who one day was complaining that the "rich unfairly shoulder too large a share of the financial responsibility of the nation" or something along those lines.

then the same day, he lamented how people like Teresa Heinz Kerry only had to pay x percent of her income and how she was "cheating the system" by paying the same or a lower percentage than many working Americans.

Seems to me to contradict itself.

[unpossibles]

5. and like you said

it depends on how you define "rich" - and that also depends on more than just income.

[andyadkins]

8. Better question

Why tax those who are not full participants in the economy? There are follow-up, timed release, talking points under SS changes and Tax refunds.

[ohtransplant]

6. Interestingly, Frist said in his speach today

that taxable incomes rose 10% last year.

What he didn't say was that Tax revenue went down at the same time

[FormerDittoHead]

7. Who are we defining as "rich"?

Just because one hits the top bracket at $100k, they're not rich!

That figure was magically arrived at by doing some spreadsheet during some congressional tax meeting, but it has NOTHING to do with being "RICH".

In this country, there are those who have never EARNED a DOLLAR, yet make MILLIONS living off of rent income, capital gains, interest and dividends and pay a lower tax rate than they guy flipping burgers at McDonnald's.

If you want to talk about "rich" people, start talking about THOSE people...

[Chimpanzee]

9. Did you know the SS tax is regressive?

You only pay up to I think 80-90,000 of your annual income and then you don't pay anything after that!

[FormerDittoHead]

10. Another interesting note

Did you now how much people making all of their money off of rental income, capital gains and dividends pay toward Social Security?

THEY PAY *****NOTHING***** in SS tax!!!

<deep.sarcasm>But did you know how many MILLIONS Bill Gates paid in taxes last year??? That sure is a lot of money!!</deep.sarcasm>

[Massacure]

11. I say undertaxed only because companies have so many loop holes.

Get rid of the loop holes and I'll rethink my posistion.

[GOPBasher]

12. Definitely undertaxed under Bush; was perfect under Clinton. nt

[stevebreeze]

13. right now Bill Gates pays a lower effective tax then most Americans

Virtually all his income is capital gains and dividends taxes at 15%. No State tax no FICA. 15% PERIOD! Compare this to the average American who pays 15.6% Just in FICA on every dollar they make. The deck is tremendously stacked against working people and for the very wealthy.

[FormerDittoHead]

15. Let's not forget some other things...

(and he's not alone:)

His "perosonal office suite(S)", his 'executive dining room', his company limo, his company jets, his food and lodging when he travels on business, his superboxes, his company condos, etc., etc., etc., etc., etc., etc.

TAX DEDUCTABLE...

[elsiesummers]

17. Yes - the Bush agenda, tax work not wealth, is almost fully acheived.

It's sickening.

The tax code, the small working class incentives, before Bush got his hands on it, was the hidden and unheralded achievement of the Clinton years.

Sure some of the loan and family write offs add complications but it really sucks that Bush wants to uncomplicate the tax code. Better to do a little paper work and write off an interest payment or gain a child credit than the reform of less paperwork.

Once Bush dismantles the few good things left in the tax code and social security, all that will be left of the Republican agenda will be maintenance -they will have won - there will be nothing left - back to owership society (they used to call them squires) and serfs.

[mhr]

14. If The Wealthy Are Taxed Too Much And The Poor Are Taxed Too Little

Why does the income gap between rich and poor continue to grow?

'nuff said!